Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help with the following; CHARTS OF ACCOUNT JOURNAL LEDGER TRIAL BALANCE STATEMENT OF PERFORMANCE STATEMENT OF EQUITY STATEMENT OF FINANCIAL POSITION On December 1,

Please help with the following; CHARTS OF ACCOUNT JOURNAL LEDGER TRIAL BALANCE STATEMENT OF PERFORMANCE STATEMENT OF EQUITY STATEMENT OF FINANCIAL POSITION

image text in transcribed

image text in transcribed

On December 1, 2004, Mateo Roa opened a videotape rental store, Oro Video, by investing P250,000 cash from his personal savings account. During the month of December, the following transactions took place: Dec. 1 Acquired supplies on account, P67,000 Acquired video tapes costing P235,000 on account Paid P85,000 to creditors Received P78,000 cash from ACA Video for rental fees Billed Video City for video rentals, P105,000 Paid salaries, P65,000 Collected P77,000 from Video City Roa withdrew P47,000 for personal use Paid rent for the month, P41,500 Paid utilities bill for the month, P17,500. REQUIRED: 1. Chart of Accounts 2. Journal 3. Ledger 4. Trial Balance 5. Statement of Performance 6. Statement of Equity 7. Statement of Financial Position Charts of Accounts:100 CASH 101 ACCOUNTS RECEIVABLE 102 SUPPLIES 103 VIDEO TAPES 200 ACCOUNTS PAYABLE 300 ROA CAPITAL 301 ROA DRAWINGS 400 RENTAL REVENUE 500 SALARIES EXPENSE 501 RENT EXPENSE 502 UTILITIES EXPENSE

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Eoc Only Davis Managerial Accounting

Authors: Charles E. Davis, Elizabeth Davis

2nd Edition

111883464X, 978-1118834640

More Books

Students also viewed these Accounting questions